Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › *** P2 December 2011 Exam was: Post your comments and vote in Instant Poll ***
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- December 14, 2011 at 4:00 pm #92021AnonymousInactive
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Question 1 consol was easy, knew enough waffle about operating segments and csr to gain some marks. Same with intangible assets, was shaky on revenue though. Gonna be hovering somewhere around that 50 mark I think…..
December 14, 2011 at 5:57 pm #92022Refereing to muju’s comment:
haha..really a good analysis of the question!! surely u ought to get thru acca atleast..but please dont be an examiner in the future !:) cant stop laughing!
RIDICULOUSLY TRUE!December 14, 2011 at 6:26 pm #92023Question 1b and c was unexpected.. trying hard to think bout which IAS and principles and criterias ive read before but didn’t ring any bells.. I’m hoping not to get a border fail 🙁
I was rushing to complete and the invigilator has collected my paper before i realised i’ve FORGOTTEN to put ticks the questions i’ve done on the answer booklet cover.
Does this affect my marks or results in anyway?
I’m worried!December 14, 2011 at 9:46 pm #92024I have passed all ACCA exams 1st time until P2. This was my second sitting having only just having failed first time round (by 2%). What an awful paper. To spend so much time learning the expanse of syllabus that is P2 to face a 25 mark qu on one IAS is really frustrating!! Also is it just me or does anyone else find it realy difficult to interpret what Mr Holt is actually asking? I think he enjoys students putting their own slant on things which is fine but leaves you really unsure if you are hitting the spot or not! Think i may need a 3rd attempt! My conclusion on P2 would be that it is entirely hit or miss, you could study the syllabus full time for a year and still struggle!
December 15, 2011 at 12:12 am #92025AnonymousInactive- Topics: 0
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@wangeelim said:
I was rushing to complete and the invigilator has collected my paper before i realised i’ve FORGOTTEN to put ticks the questions i’ve done on the answer booklet cover.
Does this affect my marks or results in anyway?
I’m worried!Same happened to me.
However do not worry- It is too small and meaningless and also possible to forget to tick that.
As long as you put your registration number correct and name and did a clear answer for all questions attempted no problems should be.
From what I remember- I ‘ve forgot this also in my past exams .
Hope I pass both P2 and P3 – very time pressure exams
Already ACCA becomes very frustrating.Hope to finish with ACCA and get with CFA as soon as possible- already I am bored of this.
December 15, 2011 at 12:27 am #92026Thanks for the feedback virgilbucur. I’m glad i shade every number on top of the answer booklet. hoping to pass both P2 & P3 too!
Sit back, relax and enjoy the holidays everyone! ^^v
be back in two months time!December 15, 2011 at 12:37 am #92027AnonymousInactive- Topics: 0
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@wangeelim said:
Thanks for the feedback virgilbucur. I’m glad i shade every number on top of the answer booklet. hoping to pass both P2 & P3 too!Sit back, relax and enjoy the holidays everyone! ^^v
be back in two months time!Happy Holidays to you too !!!
Not only the exams are a nightmare but there are some small things ( like “tick some unimportant boxes”) really stressed us more :).
To much pain for this :))
December 15, 2011 at 3:25 am #92028AnonymousInactive- Topics: 0
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was ther any impairment of goodwill in q1? The recoverable amt of both subs wer higher than net assets in the draft SOfP
December 15, 2011 at 10:25 am #92029I actually thought the exam was quite fair in balance.
Not to say that i did as well as i should have done!
On consolidation, didn’t really do many of the adjustments as ran out of time but i did manage to try to state the principles so may get some method marks…?Didnt do question 2.
Question 3, i said that you can not capitalise humans as that is putting a price on a person which is like slavery. I said capitalise the agents fees to start with as costs of securing contract and then expense moving forwards…
Can’t even remember what I wrote other than that really!Not sure if i passed but i worked hard and if i didnt then i am very hopeful that i will next time.
To all of you who are in doubt, when i failed f7 and f9 the first time round, i went back and studied again till my brain fell out! I passed them second time, but what i realised was that i wasn’t grounded enough in the knowledge that i had and going through them again has made me more confident in my knowledge moving forwards. I think you have to see it as a positive. It gives worth to your efforts.
This time may be the same but i hope i passed because i thought the paper was fair and at this point in our studies we should all be happy that we have got this far and are close to finishing up!I just wish that we didnt have to wait so long for results and the next round of exams to be honest.
I’ll probably keep dipping in to my P2 books over the next few weeks just in case i didnt pass so i’m not completely rusty.December 15, 2011 at 12:27 pm #92030AnonymousInactive- Topics: 0
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Yeah there was impairment I think for the first sub. The first sub goodwill was calculated on full goodwill and the second partial (proportionate) goodwill so the impairment test was slightly different ie gross up goodwill for 2nd sub
December 15, 2011 at 6:57 pm #92031AnonymousInactive- Topics: 0
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but the recoverable amount of goodwill at reporting date is much higher than it’s carrying value at acquisition date…should there be any impairment?
December 16, 2011 at 6:00 am #92032AnonymousInactive- Topics: 0
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@Shaw99Michaels, you have my full endorsement.
Its just a waste of time, ACCA have no regard for our sacrifice. Vacation used to study ACCA, Neglect family during studies, substantial financial sacrifice etc it is so demanding to the extent of slavery. Despite all your hardwork you find yourself at the mercies of the marker! Will someone beg ACCA to have mercy on us this sitting. Even if majority of us fail, ACCA marking scheme does not reflect the competence of the world Accountant’s population. I am from Jamaica & my friends find it unattainable. Several of them have switched to completing their Master’s & Doctorate degrees whilst the others have decided not to dare the ACCA challenge. I will not introduce ACCA to anyone for fear they will blame me for their constant failure. ACCA will outrun your life span on earth……….
One last time then I will switch to CPA. There is no guarantee that I will complete ACCA within x time, if I should quit my job to pursue it fulltime.Its getting less attractive now.December 17, 2011 at 4:28 pm #92033No turning back for me.I have 12 credits and 2012 is the year for P2 & P4 for me
I did not write any exams in June & December but come 2012 I will attempt all
sittings to the end….like to read the commentsDecember 19, 2011 at 6:10 am #92034AnonymousInactive- Topics: 0
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Heads up for candidates attempt question 4, I think most attempt question 4.
“Entity applying the standards (refering to IAS 18) might recognise … DO NOT FAITHFULLY represent nature… further argued … inconsistent with principles used in other accounting standards… notion of the risk and rewards… been subjectively applied…”4ai) Stating the IAS 18 standard not likely to earn you any marks
Inflow of economic benefits that arise from service/product provided
Transfer of risk and rewards ownership
Cost and Sale can be measured
No more managerial involvementsQuestion asking for (Of cos my ans is a very lousy one or may even be wrong as I am student)
– How it can be subjectively applied? Eg Sales and lease back (Finance lease) treated as sale.
– How it can be not faithful presentation/disclosure? Eg profit motivated presentation such as improving ratio and manipulate the cash in hand, sale (disposal of NCA).
– How it is inconsistent with other standards and principles? Revenue vs Lease, Impairment, Presentation; as Financial Report preparer can argue on application of IAS 18 for underlying profit motivated disclosure (as Financial Report preparer can argue on application of IAS 18)
– How US GAAP revenue recognition is like? Eg the difference between GAAP and IAS/FRS4aii) is asking for
Credit Risk – application of IFRS 107, IAS 36
Discount rate
– how to compute? WACC, heirarchy?
– reflect the risk as whole?
-maybe FRS 109 can applyIf you are going in this direction than maybe you can pass this question, if you stating only IAS 18 requirements… you very very very very likely fail this question badly.
I not trying to scare people, but just trying to close the expectation gap. Dont get shock when result comes out.
I did not choose this question because it takes very long to Think out the answer, having 18marks on the line.. i drop it
This whole paper is impossible. Everyone say Q1 easy. It is because Q 2, 3, 4 are super difficult, which make Q1 SEEM easy.
Look at it objectively,
Q1 is not that easy, 1a- the benefit plan info presented is very unclear, the replacement cost is tiny part of IAS 16, impairment review on goodwill, 2 type of goodwill, impairment of debt asset.
compare to past paper is not really easy, maybe shorter. easy? not really.Q1 b) Read the question properly, what they are asking for, again niches, not segment reporting general requirement, they are asking EXPENSE allocation, judgement. (I took 10 hours to dig out the ‘most likely’ answer to this question)
Q1 c) It wants us to talk about strategic risk, competitors risk, inconsistency of segments, shareholders’ rights.
Q2 a) they make it damn complex in term of transfer.
Q2b) your group consolidation concept knowledge must be sound to answer
Q2c) only if you do every single part of 2a right, and Balance then you are able to comment.Q3) other forumer pretty much say it all..
Objectively this P2 sitting is I M P O S S I B L E, I wont be shock to see a <30% pass rate.
I think is very unfair. Anyway ACCA will lose their footing if they set impossible standards, areas where student cannot study. If their marking is very strict, we can really forget about acca.A giant can fall because of cumulative poor decision making, ACCA give me the impression that they using their failing rate, to maintain their reputation. It is to objectively teach the student Accounting, not use this kind of weird weird soon to be expired knowledge, or worse test area where you got NO aveune to learn, thus able to do the exam. Or try to fail students by exploiting expectation gap.
Sincerely I hope we all pass, but I mentally preparing to fail.. just hope don’t give me 49, cause i will jump off the building.
PS: Those who vote ok, or easy, hahahahahahahaha… Either you are a very good student, potential prizewinner, a long time accountant, or you are simply underestimating this sitting (which you will be in shock when result comes out). Read above and you may guess how WELL you had fare the paper. I may be wrong, but I really went to search for the answers.
December 19, 2011 at 4:47 pm #92035You are a hero. I simply decided to wait for the answers. Rather funny exam, you have your textbooks, your notebook with the Internet nearby and still no any possibility to get through having the three hours.
December 20, 2011 at 1:39 pm #92036AnonymousInactive- Topics: 0
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if you stating only IAS 18 requirements… you very very very very likely fail this question badly.
I not trying to scare people, but just trying to close the expectation gap. Dont get shock when result comes out.
I did not choose this question because it takes very long to Think out the answer, having 18marks on the line.. i drop it
You’re a glass half-full kind of person then? 🙂
Amazed you’ve gone to the trouble of researching an answer when you didnt actually answer the question in the exam – good effort!To be honest I’m glad its over, I may have passed, I may not. I’ll never find out how I did on each question anyway so I’m happy to leave it now and not agonise over what I did / didnt say.
Here’s to Christmas and a happy February 13th!
December 21, 2011 at 10:50 am #92037AnonymousInactive- Topics: 0
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i thought 1 c) was about CSR vs shareholder conflicts, costs of implementing and advantage vs opinion of maximising sh wealth by only investing in the business and profit maximising strategies
December 22, 2011 at 11:22 pm #92038AnonymousInactive- Topics: 0
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zeke143, I think the main issues are judgement on disclosure, judgement on segment may be inconsistent, such as basis of geographical location vs product (thus not faithful presentation), competitive informations. Cost is valid point I think. You are right, just different way of putting it.
neilbass, I did the whole revision kit twice already, yet did not help much in this exam. I thought the exam should be more conventional, turn out to be dynamic.
I went to find out because I want to learn, not just for the sake of exam, and I wanted to share, that why this is call ‘opentuition’ right?I hope everyone pass, I will speak to santa when he comes to my bedroom during xmas eve. Just pray hard to santa they are generous on marks.
add on to 4ai is construction contract.
February 7, 2012 at 9:30 pm #92039AnonymousInactive- Topics: 0
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Heyy guyz what do u think abt the p2 result….any guesses abt the passing rates
February 8, 2012 at 12:16 pm #92040AnonymousInactive- Topics: 0
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I just spent an hour looking at the Answer paper on the ACCA website. Not confident for Monday
February 12, 2012 at 2:45 pm #92041hope for the best but prepare for the worst!
but i really2 want to pass though! - AuthorPosts
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